- UNI’s price surged after the protocol disclosed a plan to introduce the ERC-7683 standard.
- Open Interest hit a monthly high, activity spiked, while the token could rise to $12.
Uniswap [UNI] broke out, rose by 18.98% and hit $9.30 in an unexpected move within the last 24 hours.
For many participants, the surge could be linked to the news that the odds for the U.S. SEC to approve Ethereum [ETH] spot ETFs had increased. Because of this, ETH’s price jumped.
While that played a part, that was not the only reason. According to AMBCrypto’s investigation, a major development and other happenings on-chain were vital to UNI’s breakout.
The Labs come with a new standard
On the 20th of May, Uniswap Labs disclosed that it was introducing a new token standard called the ERC-7683. For context, ERC stands for Ethereum Request for Comment.
It is a standard for creating and issuing smart contracts on the Ethereum blockchain.
According to…
